TLTE vs. FXAIX

Last updated Jun 4, 2026

TLTE (FlexShares Morningstar Emerging Markets Factor Tilt Index) and FXAIX (Fidelity 500 Index Fund) are both funds - TLTE is a Foreign Large Cap Equities fund tracking the Morningstar Emerging Markets Factor Tilt Index, while FXAIX is a S&P 500 fund tracking the S&P 500 Index. Both are passively managed. Over the past 10 years, TLTE returned 9.66%/yr vs 15.66%/yr for FXAIX. A 0.68 correlation means they provide meaningful diversification when combined. TLTE charges 0.59%/yr vs 0.02%/yr for FXAIX.

Performance

TLTE vs. FXAIX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in FlexShares Morningstar Emerging Markets Factor Tilt Index (TLTE) and Fidelity 500 Index Fund (FXAIX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, TLTE achieves a 24.39% return, which is significantly higher than FXAIX's 11.71% return. Over the past 10 years, TLTE has underperformed FXAIX with an annualized return of 9.66%, while FXAIX has yielded a comparatively higher 15.66% annualized return.

TLTE

• 1D: -1.31%
• 1M: 6.58%
• YTD: 24.39%
• 6M: 26.90%
• 1Y: 48.02%
• 3Y*: 22.34%
• 5Y*: 7.58%
• 10Y*: 9.66%

FXAIX

• 1D: 0.13%
• 1M: 5.80%
• YTD: 11.71%
• 6M: 11.74%
• 1Y: 28.99%
• 3Y*: 22.75%
• 5Y*: 14.28%
• 10Y*: 15.66%

*Multi-year figures are annualized to reflect compound growth (CAGR)

TLTE vs. FXAIX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
TLTE FlexShares Morningstar Emerging Markets Factor Tilt Index	24.39%	30.21%	3.53%	13.62%	-17.31%	4.79%	12.10%	14.51%	-17.44%	32.82%
FXAIX Fidelity 500 Index Fund	11.71%	17.84%	25.01%	26.29%	-18.14%	28.71%	18.42%	31.48%	-4.43%	21.82%

Correlation

The correlation between TLTE and FXAIX is 0.74, which is moderate. They share some common price drivers but move independently often enough to provide real diversification benefit when combined.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.74
Correlation (3Y) Calculated over the trailing 3-year period	0.65
Correlation (5Y) Calculated over the trailing 5-year period	0.65
Correlation (10Y) Calculated over the trailing 10-year period	0.67
Correlation (All Time) Calculated using the full available price history since Oct 3, 2012	0.68

The correlation between TLTE and FXAIX has been stable across timeframes, ranging from 0.65 to 0.74 - a consistent structural relationship.

Return for Risk

TLTE vs. FXAIX — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.

TLTE

TLTE Risk / Return Rank: 77
TLTE Sharpe Ratio Rank: 80
TLTE Sortino Ratio Rank: 76
TLTE Omega Ratio Rank: 80
TLTE Calmar Ratio Rank: 74
TLTE Martin Ratio Rank: 76

FXAIX

FXAIX Risk / Return Rank: 73
FXAIX Sharpe Ratio Rank: 76
FXAIX Sortino Ratio Rank: 67
FXAIX Omega Ratio Rank: 67
FXAIX Calmar Ratio Rank: 74
FXAIX Martin Ratio Rank: 83

The rank (0–100) shows how this investment's returns compare to the risk taken. Higher = better. Based on the past 12 months of data, combining Sharpe, Sortino, and other metrics used by quantitative funds and institutional investors.

TLTE vs. FXAIX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for FlexShares Morningstar Emerging Markets Factor Tilt Index (TLTE) and Fidelity 500 Index Fund (FXAIX). Risk-adjusted metrics are performance indicators that assess an investment's returns in relation to its risk, enabling a more accurate comparison of different investment options.

	TLTE	FXAIX	Difference
Sharpe ratio Return per unit of total volatility	2.62	2.52	+0.10
Sortino ratio Return per unit of downside risk	3.43	3.42	+0.01
Omega ratio Gain probability vs. loss probability	1.48	1.46	+0.02
Calmar ratio Return relative to maximum drawdown	3.70	3.36	+0.34
Martin ratio Return relative to average drawdown	14.53	15.70	-1.16
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

TLTE vs. FXAIX - Sharpe Ratio Comparison

The current TLTE Sharpe Ratio is 2.62, which is comparable to the FXAIX Sharpe Ratio of 2.52. The chart below compares the historical Sharpe Ratios of TLTE and FXAIX, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Sharpe Ratios by Period

	TLTE	FXAIX	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	2.62	2.52	+0.10
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.45	0.85	-0.40
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.53	0.87	-0.34
Sharpe Ratio (All Time) Calculated using the full available price history	0.34	0.82	-0.48

Drawdowns

TLTE vs. FXAIX - Drawdown Comparison

The maximum TLTE drawdown since its inception was -44.21%, which is greater than FXAIX's maximum drawdown of -33.79%. Use the drawdown chart below to compare losses from any high point for TLTE and FXAIX.

Drawdown Indicators

	TLTE	FXAIX	Difference
Max Drawdown Largest peak-to-trough decline	-44.21%	-33.79%	-10.42%
Max Drawdown (1Y) Largest decline over 1 year	-13.04%	-8.89%	-4.15%
Max Drawdown (3Y) Largest decline over 3 years	-17.43%	-18.76%	+1.33%
Max Drawdown (5Y) Largest decline over 5 years	-33.51%	-24.50%	-9.01%
Max Drawdown (10Y) Largest decline over 10 years	-44.21%	-33.79%	-10.42%
Current Drawdown Current decline from peak	-1.31%	0.00%	-1.31%
Average Drawdown Average peak-to-trough decline	-12.15%	-3.79%	-8.36%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.31%	1.90%	+1.41%

Volatility

TLTE vs. FXAIX - Volatility Comparison

FlexShares Morningstar Emerging Markets Factor Tilt Index (TLTE) has a higher volatility of 8.05% compared to Fidelity 500 Index Fund (FXAIX) at 2.83%. This indicates that TLTE's price experiences larger fluctuations and is considered to be riskier than FXAIX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	TLTE	FXAIX	Difference
Volatility (1M) Calculated over the trailing 1-month period	8.05%	2.83%	+5.22%
Volatility (6M) Calculated over the trailing 6-month period	16.10%	8.97%	+7.13%
Volatility (1Y) Calculated over the trailing 1-year period	18.41%	11.86%	+6.55%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	16.83%	16.91%	-0.08%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	18.40%	18.07%	+0.33%

TLTE vs. FXAIX - Expense Ratio Comparison

TLTE has a 0.59% expense ratio, which is higher than FXAIX's 0.02% expense ratio.

Dividends

TLTE vs. FXAIX - Dividend Comparison

TLTE's dividend yield for the trailing twelve months is around 3.02%, more than FXAIX's 1.03% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
FXAIX Fidelity 500 Index Fund	1.03%	1.11%	1.25%	1.45%	1.69%	1.22%	1.60%	2.06%	2.72%	1.97%	2.52%	2.83%
TLTE FlexShares Morningstar Emerging Markets Factor Tilt Index	3.02%	3.76%	3.73%	4.03%	4.42%	3.21%	1.95%	3.23%	3.02%	2.12%	2.30%	2.00%

Frequently Asked Questions

Can I hold both TLTE and FXAIX in my portfolio?

TLTE and FXAIX have a correlation of 0.74, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, TLTE or FXAIX?

TLTE has higher volatility (8.05%) compared to FXAIX (2.83%). In terms of maximum drawdown, TLTE dropped -44.21% vs FXAIX's -33.79%.

Which has better risk-adjusted returns?

TLTE currently has the higher Sharpe Ratio (2.62 vs 2.52), meaning it's delivered slightly more return per unit of risk over the trailing 12 months. However, this ranking shifts over time - use the Risk/Return Score above for a more comprehensive view that combines Sharpe, Sortino, and other measures used by quantitative funds.